The Centre approved 10 per cent disinvestment of its stake in Manganese Ore India Ltd through an IPO, which will also include share sale of five per cent stake each by Madhya Pradesh and Maharashtra.
The total disinvestment by the Centre and the state governments will be 20 per cent in the Nagpur-based company engaged in mining of manganese ore.
The approval for the 10 per cent disinvestment of the central government equity was given by the Cabinet Committee on Economic Affairs.
"The state governments of Maharashtra and Madhya Pradesh have also decided to divest five per cent of each of total paid up equity in MOIL out of their share holding along with the Government of India. This will lead to MOIL listing its shares in the stock exchanges," Home Minister P Chidambaram said after the CCEA meeting.
The IPO will have a quota for employees who will get the shares at five per cent discount to the offer value. The retail investors will also get five per cent discount.
The Union government holds 81.57 per cent in the company. Maharashtra holds 9.62 per cent in the company while Madhya Pradesh holds 8.81 equity.
SOURCE: economictimes.indiatimes,com
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Jagdish Bhanushali
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